NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Some Ground In Quiet Trading

SP500

SP500 gained some ground as traders reacted to the better-than-expected CB Consumer Confidence report. The report showed that CB Consumer Confidence improved from 101.9 in July to 103.3 in August, compared to analyst consensus of 100.7. Case-Shiller Home Price Index increased by 0.6% month-over-month in June, while analysts expected that it would grow by 1.0%. From a big picture point of view, the reports did not have a major impact on SP500 dynamics. The market is quiet as traders wait for stronger catalysts, which is normal for the last week of August. Energy stocks are among the biggest losers in the SP500 index today as traders focus on the strong pullback in the oil markets.

The technical picture remains unchanged as SP500 is stuck between the support at 5550 – 5570 and the resistance at 5660 – 5675. RSI is in the moderate territory, so there is plenty of room to gain additional momentum.

NASDAQ

NASDAQ has also managed to gain some ground in today’s trading session. It should be noted that chip stocks like Super Micro Computer and Micron remain under pressure, which indicates that traders continue to cut their exposure to the sector.

In case NASDAQ settles below the nearest support at 19,500 – 19,600, it will head towards the support level at 18,500 – 18,600. On the upside, a move above 19,800 will push NASDAQ towards the resistance at 20,100 – 20,200.

Dow Jones

Dow Jones remains stuck below the strong resistance at 41,300 – 41,400 amid lack of catalysts. There are no significant gainers or losers in the Dow Jones index in today’s trading session.

Dow Jones needs to settle above 41,400 to gain additional upside momentum. On the support side, a move below the 50 MA at 40,910 will push Dow Jones towards the support at 40,500 – 40,600.

For a look at all of today’s economic events, check out our economic calendar.